September 23, 2023

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MidCap Business Credit launches new Equipment Finance Business, Increases Credit Facility with Wells Fargo Capital Finance

WEST HARTFORD, Conn., April 11, 2022–(Small business WIRE)–MidCap Small business Credit history enhanced its senior credit score facility with Wells Fargo Capital Finance to $200 million. This upsize will help MidCap to assistance the progress of its existing asset-primarily based lending business and assistance the launch of its devices finance vertical, MidCap Devices Finance, which will focus on supplying devices leases and loans involving $2 million and $20 million to middle-market place prospects in the United States and Canada.

Steve Samson, president of MidCap Business Credit, said, “We are energized to broaden our romantic relationship with Wells Fargo. The Financial institution Finance workforce was really supportive all through the approach, and we are now equipped to give both asset-centered lending and tools funding to our shoppers while leveraging our rigorous credit rating, servicing, and finance operations.”

“Wells Fargo values our marriage with MidCap, and we are very pleased to guidance their strategic approach and expanded products providing,” explained Stewart Hayes, taking care of director for the Loan company Finance division of Wells Fargo Capital Finance. “We are delighted to be aspect of MidCap’s ongoing growth story and seem ahead to helping them keep on to provide middle-market place shoppers.”

Saurin Shah will serve as president of MidCap Devices Finance. Shah is an industry veteran with deep abilities in structuring devices transactions. Prior to MidCap, Shah was a co-founder of SLR Machines Finance, which started operations in 2010 (previously Nations Products Finance). He begun his gear finance vocation with GE Cash. Joining Shah, MidCap has employed Matt Lightfoot as head of originations and Al Berger as head of credit. Both equally Lightfoot and Berger had been most lately at SLR Machines Finance and worked closely with Shah in the earlier. This staff invested more than $1 billion in devices financial loans and leases throughout a variety of industries.

“I am very energized to be part of MidCap to make out an tools finance system,” explained Saurin Shah. “Considering that 2004 MidCap has been serving middle-marketplace companies nationwide with its asset-dependent lending solution. MidCap is a revered manufacturer and consistent pressure in the marketplace. This enlargement, with the assistance of Wells Fargo, signifies a exceptional chance for our shoppers. We have fantastic workforce with established expertise that has labored alongside one another for several years. We are dedicated to bringing our know-how and experience to the market.”

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Saurin Shah